The EU's 5 largest economies are banding together to share secret tax info

The Panama Papers didn't just unveil where
140 political figures — including 12 current or
former heads of states — hide their cash.

It is also bringing about a major sea change in how
governments are tackling tax avoidance and evasion after public
outcry — some of the biggest economies in the European Union are
banding together to share information.

Now, five of the biggest economies in the European
Union—UK, Germany, France, Italy and Spain—
are banding together to tackle tax avoidance and evasion by
agreeing to share information on "secret owners of businesses and
trusts," says the BBC.

The report, citing Treasury officials, said that by creating a
data exchange between these five countries, it will make it
harder for businesses and rich individuals to avoid paying
correct taxes under each jurisdiction.

The information swap also means that the countries will all share
previously "secret tax information between countries such
as America, Saudi Arabia and China."

The group of five countries is allegedly looking to get other G20
countries to do the same but the report says it is unlikely
others will follow suit.

This report comes soon after UK Chancellor George Osborne
announced that Britain will make register of beneficial
ownership available to the public.

"Today we deal another hammer blow against those who hide their
illegal tax evasion in the dark corners of the financial system,"
said Osborne said at the annual International Monetary Fund
spring meeting in the US.

"Britain will work with other major European partners to find out
who really owns the secretive shell companies and trusts that
have been used as conduits for evading tax, laundering money and
benefiting from corruption."